Metaverse in Education Market by Component (Hardware (AR Devices, VR Devices, MR Devices, Interactive Displays and Projectors), Software, Professional Services), End User (Academic and Enterprise) and Region – Global Forecast to 2028
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Important metaverses of education market vendors include Meta Platforms, Inc. (US), Microsoft Corporation (US), Adobe Inc. (US), HP Inc. (US), Unity Software Inc. (US), Samsung Electronics (South Korea), Lenovo (China), Roblox Corporation (US), Epic Games (US), Baidu, Inc. (China), Avantis Systems Ltd (UK), Axon Park (US), and Tomorrow’s Education (Germany). , NextMeet (India), ClassVR (UK), Metable GmbH (Switzerland), Virbela (US), Labster (Denmark), VictoryXR (US), ENGAGE Plc (US), VEDX Solutions (US), Stimuli (US), NetEase (China), HTC (Taiwan), and Sandbox (US).
The education market metaverse is expected to grow from US$3.9 billion in 2023 to US$19.3 billion by 2028, at a compound annual growth rate (CAGR) of 37.7% during the forecast period. The term “metaverse” is sometimes used to describe a networked system of 3D virtual spaces. A collective virtual shared space that incorporates various digital environments, including immersive technologies such as VR and AR. Where current education systems are criticized for being disconnected from the real world, the Metaverse can help build virtual worlds where teachers can communicate with students regardless of geographic restrictions. Metaverse also helps provide an immersive learning environment where students, instructors, and staff can explore and interact with concepts and scenarios.
By component, the hardware segment maintained the highest CAGR during the forecast period.
By component, the education market metaverse is divided into hardware, software, and professional services. The hardware segment is estimated to maintain the highest CAGR during the projected metaverse period for the education market. Metaverse hardware components for the education market include VR, AR, MR, interactive displays and projectors. AR, VR, and MR devices are projected to grow due to the use of heads-up devices (HUDs) in the educational market metaverse. AR technology is increasingly used in many applications because it can blend the real world with virtual items. The most popular AR device for industrial applications is AR smart glasses, helping AR devices grow. Moreover, head-mounted devices (HMDs) are expected to be the core of market expansion in the VR device segment. Users have responded positively to these displays from brands such as Samsung Electronics, Lenovo and Meta Platforms, Inc. Microsoft HoloLens 2 is primarily responsible for the MR device space and is expected to become more popular in the educational market for experiencing the Metaverse.
By professional services, the application development and systems integration segment recorded the highest CAGR during the forecast period.
The education market metaverse is segmented by professional services into application development, systems integration, strategy, and business consulting. Application development and system integration segment is expected to maintain the highest CAGR during the forecast period. Educators need these services and working together at various stages, from pre-sales requirements assessment to post-sales product introduction and execution, will help our clients get the maximum of her RoI. Metaverse Education Development Platform, Metaverse App Development, Metaverse NFT Marketplace Development, Metaverse Real Estate Platform Development, Metaverse Social Media Platform Development, Metaverse Events Platform Development are some of the services offered in the Metaverse Application Development Business. In order to seamlessly integrate the Metaverse into existing or new systems, companies and educators involved in the Metaverse of the education market are demanding system integration services.
By region, the Europe region holds the second highest CAGR during the forecast period.
By region, the education market metaverse is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. The Europe region is expected to maintain the second highest CAGR during the forecast period. Europe has dominated the introduction of the Metaverse in the education market. The significant expansion of economies in the European region, such as the United Kingdom, Germany, France and other European countries, is expected to create a market for corporate and academic users of the Metaverse in education. In addition, demand is being driven by Europe’s commitment to continuous learning and skills development, as the Metaverse provides a platform for continued professional growth and development of skills relevant to the future. Overall, the Metaverse’s competencies in European education can improve learning, promote inclusiveness, and prepare students for a globally connected and technologically advanced future. Additionally, to facilitate face-to-face interactions between students and teachers, European institutions are deploying virtual collaboration and communication solutions. The market in the region is expected to grow exponentially as group projects, online conversations and virtual classrooms are enabled by these tools and a more active and interesting learning environment is created with the help of the Metaverse platform.
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Reasons to buy this report:
This report helps provide market leaders/new entrants with information on the closest approximations of revenue figures across the education market and the metaverse of sub-segments. This report will help stakeholders to understand the competitive landscape, better position their businesses and gain more insights to plan appropriate go-to-market strategies. The report also helps stakeholders to understand market trends and provides information on key market drivers, constraints, challenges and opportunities.
Research scope:
This market study covers the education market metaverse across segments. It aims at estimating market size and growth potential across various segments such as components, end-users, and regions. It includes an in-depth competitive analysis on key market players, their company profiles, key observations related to their products and business operations, recent developments, and key market strategies.
This release was published in openPR.
